HomeTrade IdeasCandlesticks IntradayTrade Idea : GBP/USD - Sell at 1.3225

Trade Idea : GBP/USD – Sell at 1.3225

GBP/USD – 1.3146

Most recent candlesticks pattern   : N/A

Trend                                 : Near term down

Tenkan-Sen level                 : 1.3134

Kijun-Sen level                    : 1.3110

Ichimoku cloud top              : 1.3195

Ichimoku cloud bottom        : 1.3167

Original strategy :

Sell at 1.3180, Target: 1.3080, Stop: 1.3215

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.3225, Target: 1.3125, Stop: 1.3260

Position : –

Target :  –

Stop : –

As cable found support at 1.3070 on Friday and has rebounded, suggesting consolidation above this level would be seen and corrective bounce to 1.3175-80, then 1.3200 cannot be ruled out, however, still reckon upside would be limited to 1.3220-25 and bring another decline later, below 1.3100 would bring test of said support at 1.3070, break there would extend the erratic decline from 1.3338 to 1.3050, then towards recent low at 1.3027.

In view of this, we are looking to sell cable on further subsequent recovery as 1.3220-25 should limit upside. Above 1.3250 would dampen this bearish view and prolong consolidation, risk rebound to resistance at 1.3279-87 first.

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